Its been said on here a few times and I don't get it either.
Whilst I like Treacy and he's been very good this year, he is essentially playing as 3rd banana right now behind Amiss and Jackosn as talls. We need to remember that before this season he'd played 36 games and kicked 29.18 in those games.
He's clearly stepped up this year and performing better than that, but its 7 games. I'm not sure that rockets him into Round 1 trade value.
I think ours and Freos would be too far away to get him in, unless Freo are well into Logan McDonald as many people suspected them to be. They would likely need all 4 of their 1st rounders for him, so would want to use a player in a trade for Bakes.